Search

05/11/21 Briefing

The S&P 500 futures trade 19 points, or 0.4%, above fair value as the market continues to sport a bullish bias in front of the Employment Situation report for October at 8:30 a.m. ET.

The Briefing.comconsensus is projecting 400,000 additions to nonfarm payrolls, a 4.7% unemployment rate (versus 4.8% in September), and a 0.4% increase in average hourly earnings. Recall, Fed Chair Powell said it wasn't time to talk about rate hikes since the economy hasn't reached maximum employment, which he doesn't expect to happen until the second half of next year.

Later in the day, the Consumer Credit report for September (Briefing.comconsensus $17.0 billion) will be released at 3:00 p.m. ET, and the House is reportedly expected to vote on the bipartisan and reconciliation infrastructure bills.

In the meantime, the futures market has held steady in record territory, allowing investors to focus on the latest batch of corporate news, which has catalyzed some big stock moves.

Pfizer (PFE 48.40, +4.55, +10.4%) announced its COVID-19 oral antiviral reduced the risk of hospitalization or death by 89%, according to interim data. Shares of Pfizer are currently up 10%, while Merck (MRK 82.50, -8.04, -8.9%), which has a competing treatment, is down 9% on the news.

Peloton (PTON 57.97, -28.06, -32.6%) has plunged over 30% on disappointing earnings news, while Airbnb (ABNB 189.25, +10.80, +6.1%) has risen 6% on better-than-expected results. Airbnb expects a strong fourth quarter and for travel demand to extend well into 2022.

U.S. Treasuries yields have edged higher after retreating yesterday. The 2-yr yield is up three basis points to 0.44%, and the 10-yr yield is up one basis point to 0.53%. The U.S. Dollar Index is up 0.2% to 94.53. WTI crude futures are up 0.9% to $79.54/bbl.

In U.S. Corporate news:

  • Pfizer (PFE 48.40, +4.55): +10.4% after announcing that its COVID-19 oral antiviral treatment candidate reduced the risk of hospitalization or death by 89% in interim analysis of a Phase 2/3 EPIC-HR study. Merck (MRK 82.50, -8.04, -8.9%), which has its own Covid pill, is down x% on the news.

  • Peloton (PTON 57.97, -28.06): -32.6% after missing EPS estimates, guiding fiscal Q2 and FY22 revenue below consensus, and noting a softer than anticipated start to its fiscal second quarter.

  • Airbnb (ABNB 189.25, +10.80): +6.1% after beating top and bottom-line estimates and saying it expects strong travel demand to extend well into 2022.

  • Uber (UBER ): +x% after missing EPS estimates on above-consensus revenue. Uber generated positive adjusted EBITDA for first time in its history and guided Q4 adjusted EBITDA to be $25-$75 mln.

  • Square (SQ 238.10, -9.36): -3.8% after missing revenue estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly lower note while India's Sensex remained closed for Diwali. Japan's Nikkei: -0.6% (+2.5% for the week) Hong Kong's Hang Seng: -1.4% (-2.0% for the week) China's Shanghai Composite: -1.0% (-1.6% for the week) India's Sensex: CLOSED (+1.3% for the week) South Korea's Kospi: -0.5% (-0.1% for the week) Australia's ASX All Ordinaries: +0.4% (+1.8% for the week).

  • In economic data:

  • Japan's September Household Spending 5.0% m/m (expected 2.8%; last -3.9%); -1.9% yr/yr (expected -3.9%; last -3.0%)

  • South Korea's September Current Account surplus $10.07 bln (last surplus of $7.51 bln)

  • Singapore's September Retail Sales 6.0% m/m (last -0.6%); 6.6% yr/yr (last -2.8%)

  • Australia's October AIG Services Index 47.6 (last 45.7)


  • In news:

  • Japan will reportedly give JPY100,000 payments to people under 18. The country's economy minister refused to comment when asked about details regarding the planned fiscal spending package.

  • China's National Development and Reform Commission said that coal inventories at power plants have returned to normal levels.

  • Property developer Kaisa Group missed a debt payment to onshore investors while Evergrande is facing a Saturday deadline to make up $82.5 mln in missed payments.



  • Major European indices trade in the green. STOXX Europe 600: +0.3% (+1.9% week-to-date) Germany's DAX: +0.2% (+2.3% week-to-date) U.K.'s FTSE 100: +0.6% (+1.2% week-to-date) France's CAC 40: +0.7% (+3.0% week-to-date) Italy's FTSE MIB: +0.7% (+3.1% week-to-date) Spain's IBEX 35: +0.6% (+0.4% week-to-date).

  • In economic data:

  • Eurozone's September Retail Sales -0.3% m/m (expected 0.3%; last 1.0%); 2.5% yr/yr (expected 1.5%; last 1.5%)

  • Germany's October IHS Markit Construction PMI 47.7 (last 47.1). September Industrial Production -1.1% m/m (expected 1.0%; last -3.5%)

  • U.K.'s October Halifax House Price Index 0.9% m/m (last 1.7%); 7.3% yr/yr (last 7.4%)

  • France's Q3 nonfarm payrolls 0.5% qtr/qtr (last 1.1%). September Industrial Production -1.3% m/m (expected 0.4%; last 1.0%)

  • Spain's September Industrial Production 1.2% yr/yr (expected 1.5%; last 1.6%)


  • In news:

  • European Central Bank policymaker Schnabel repeated that the governing council does not expect rate hike conditions to be met in 2022.

  • Bank of England Governor Bailey said that while the U.K.'s interest rate will have to rise at some point, it will not return to the 4-5% range.

  • International Consolidated Airlines saw its loss narrow in Q3 while passenger capacity was at 43.4% of levels from Q3 2019.



U.S. equity futures:

  • S&P 500 Futures: +11 @ 4,691

  • DJIA Futures: +45 @ 36,169

  • Nasdaq 100 Futures: +27 @ 16,373

Overseas:

  • Europe: DAX +0.2%, FTSE +0.6%, CAC +0.7%

  • Asia: Nikkei -0.6%, Hang Seng -1.4%, Shanghai Composite -1.0%

Commodities:

  • Crude Oil +0.58 @ 79.39

  • Nat Gas -0.060 @ 5.656

  • Gold +1.10 @ 1794.60

  • Silver -0.039 @ 23.872

  • Copper +0.0035 @ 4.3240

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • ACM Research (ACMR) beats by $0.20, reports revs in-line; guides FY21revs in-line

  • Airbnb (ABNB) beats by $0.52, beats on revs; expects strong Q4 and the demand for travel to extend well into 2022

  • Air Lease (AL) beats by $0.43, beats on revs

  • Alarm.com(ALRM) beats by $0.15, beats on revs

  • Alkami Technology (ALKT) reports Q3 (Sep) results, beats on revs; guides Q4 revs in-line

  • Alliant Energy (LNT) beats by $0.07, beats on revs; guides FY21EPS above consensus; guides FY22EPS in-line

  • Allscripts Healthcare (MDRX) beats by $0.08, misses on revs; reaffirms FY21revs guidance

  • Altair Engineering (ALTR) beats by $0.10, beats on revs; guides Q4 revs below consensus; guides FY21revs in-line

  • AMC Networks (AMCX) beats by $1.51, beats on revs

  • American Homes 4 Rent (AMH) beats by $0.01, beats on revs; guides FY21FFO in-line

  • Appian (APPN) misses by $0.03, beats on revs; lowers FY21EPS guidance, raises revs outlook

  • Avalara (AVLR) beats by $0.09, beats on revs; guides Q4 revs above consensus

  • BeiGene (BGNE) beats by $0.11, beats on revs

  • BigCommerce (BIGC) beats by $0.08, beats on revs; guides Q4 revs above consensus

  • Bill.com(BILL) beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY22EPS above consensus, revs above consensus

  • BlackLine (BL) beats by $0.13, beats on revs; guides Q4 EPS in-line, revs in-line

  • Bluebirdbio (BLUE) misses by $0.51, misses on revs; completes spinoff of 2seventy bio, Inc.; appoints CFO

  • Brookfield Renewable Partners (BEP) beats by $0.04, misses on revs

  • Cambium Networks (CMBM) beats by $0.05, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • Canada Goose (GOOS) beats by $0.21, beats on revs; guides FY22EPS above consensus, revs above consensus

  • Canopy Growth (CGC) beats by CAD0.16, reports revs in-line

  • Carvana (CVNA) misses by $0.10, beats on revs

  • Chemours (CC) beats by $0.25, beats on revs

  • Chuy's (CHUY) beats by $0.07, misses on revs, comparable restaurant sales increased 20.5%; announces new $50 mln share buyback program

  • Cinemark (CNK) reports EPS in-line, beats on revs

  • Cloudflare (NET) beats by $0.04, beats on revs; raises both FY21EPS, revs guidance

  • Codexis (CDXS) beats by $0.08, beats on revs; guides Q4 revs below consensus

  • Cognex (CGNX) misses by $0.05, misses on revs; guides Q4 revs below consensus; increases dividend

  • Conduent (CNDT) beats by $0.03, reports revs in-line; guides Q4 revs in-line

  • Confluent (CFLT) beats by $0.06, beats on revs

  • CubeSmart (CUBE) beats by $0.03, beats on revs; guides FY21FFO above consensus

  • Cushman & Wakefield (CWK) beats by $0.20, beats on revs

  • Datadog (DDOG) beats by $0.07, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Diamondrock Hospitality (DRH) misses by $0.01, beats on revs

  • Dominion Energy (D) beats by $0.05, misses on revs; guides Q4 EPS below consensus

  • DraftKings (DKNG) beats by $1.06, misses on revs; guides FY21revs below consensus; guides FY22revs in-line

  • Dropbox (DBX) beats by $0.02, reports revs in-line

  • Dynavax (DVAX) reports Q3 results, beats on revs, increases FY21CpG 1018 revenue guidance

  • Elanco Animal Health (ELAN) beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line; reaffirms FY21EPS guidance, guides FY21revs above consensus

  • El Pollo Loco (LOCO) beats by $0.05, misses on revs, system-wide comparable restaurant sales increased 9.3%

  • Embraer SA (ERJ) reports Q3 results; misses on revs guides FY21revs in-line

  • Enbridge (ENB) beats by $0.03; reaffirms FY21EBITDA and DCF guidance; announces Board changes

  • Essent Group (ESNT) beats by $0.49, beats on revs

  • Expedia Group (EXPE) beats by $1.77, beats on revs

  • Federal Realty (FRT) beats by $0.23, beats on revs; guides FY21FFO above consensus; announces dividend

  • First Solar (FSLR) misses by $0.18, misses on revs; guides FY21EPS above consensus, revs in-line

  • Floor & Decor (FND) beats by $0.03, beats on revs; comps +10.9%

  • Fluor (FLR) beats by $0.08, misses on revs; raises FY21EPS above consensus

  • Fortinet (FTNT) beats by $0.05, beats on revs; guides Q4 EPS below consensus, revs above consensus; guides FY21EPS in-line, revs above consensus

  • Funko (FNKO) beats by $0.12, beats on revs; guides FY21EPS above consensus, revs above consensus

  • Genmab (GMAB) increases FY21revenue guidance to $7.9-8.5 bln

  • Glaukos (GKOS) beats by $0.03, beats on revs; reaffirms FY21revs guidance

  • Globus Medical (GMED) beats by $0.05, reports revs in-line; reaffirms FY21EPS guidance, revs guidance

  • GoPro (GPRO) beats by $0.14, beats on revs

  • Green Dot (GDOT) beats by $0.07, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • GreenSky (GSKY) beats by $0.08, misses on revs

  • Groupon (GRPN) beats by $0.32, misses on revs; lowers FY21revs below consensus

  • Guardant Health (GH) beats by $0.17, beats on revs; guides FY21revs in-line

  • Healthcare Trust of America (HTA) reports FFO in-line, revs in-line; guides FY21FFO in-line

  • Hill-Rom (HRC) beats by $0.20, beats on revs; Baxter agreed to acquire company on September 2 for $156/share

  • Honda Motor (HMC) beats by JPY33.62, misses on revs; guides FY21revs below consensus

  • iHeartMedia (IHRT) beats by $0.56, beats on revs

  • Illumina (ILMN) beats by $0.23, beats on revs; guides FY21revs above consensus

  • Insulet (PODD) misses by $0.07, beats on revs; guides Q4 revs in-line

  • InterActiveCorp (IAC) reports Q3 (Sep) results, beats on revs

  • Interface (TILE) beats by $0.01, reports revs in-line; guides Q4 revs above consensus

  • iRhythm (IRTC) beats by $0.26, beats on revs; guides FY21revs below consensus

  • JFrog (FROG) beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs in-line

  • Johnson Controls (JCI) beats by $0.01, reports revs in-line; guides Q1 EPS below consensus; guides FY22EPS in-line

  • Kimco Realty (KIM) beats by $0.07, beats on revs; guides FY21FFO above consensus

  • Limelight Networks (LLNW) reports EPS in-line, beats on revs; guides FY21EPS in-line, revs in-line

  • Lions Gate Entertainment (LGF.A) misses by $0.01, misses on revs

  • Live Nation (LYV) beats by $0.25, beats on revs

  • Magellan Health (MGLN) misses by $0.34, beats on revs

  • Magna (MGA) misses by $0.16, reports revs in-line; guides FY21revs in-line; announces management changes

  • Mandiant (MNDT) beats by $0.13, reports revs in-line; guides Q4 EPS below consensus, revs in-line

  • Marcus & Millichap (MMI) misses by $0.32, beats on revs

  • MasTec (MTZ) beats by $0.12, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • Medifast (MED) beats by $0.64, beats on revs; guides FY21EPS in-line, revs in-line

  • MercadoLibre (MELI) beats by $0.61, misses on revs

  • Mettler-Toledo (MTD) beats by $0.44, beats on revs; guides Q4 EPS in-line, revs in-line

  • Microchip (MCHP) beats by $0.01, reports revs in-line; guides Q3 EPS above consensus, revs above consensus

  • Mitek Systems (MITK) beats by $0.03, reports revs in-line

  • Monster Beverage (MNST) misses by $0.04, beats on revs

  • Motorola Solutions (MSI) beats by $0.21, beats on revs; guides FY21EPS above consensus, revs in-line

  • News Corp. (NWSA) beats by $0.08, beats on revs

  • National Fuel Gas (NFG) beats by $0.20, misses on revs; raises FY22EPS guidance

  • nLIGHT (LASR) beats by $0.02, beats on revs; guides Q4 revs below consensus

  • Noble Corporation (NE) beats by $0.07; beats on revs; sees FY21revs in-line; sees FY22revs above consensus

  • Northwest Natural (NWN) beats by $0.07, reports revs in-line; reaffirms FY21EPS guidance

  • NortonLifeLock (NLOK) beats by $0.01, reports revs in-line; guides Q3 EPS in-line; guides FY22EPS in-line

  • Novavax (NVAX) misses by $0.76, misses on revs

  • Occidental Petro (OXY) beats by $0.20, beats on revs

  • Omega Health (OHI) beats by $0.03, beats on revs

  • Onto Innovation (ONTO) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Open Text (OTEX) beats by $0.03, beats on revs

  • Paylocity (PCTY) beats by $0.21, beats on revs; guides Q2 revs above consensus; raises FY22revs guidance

  • Peloton (PTON) misses by $0.11, reports revs in-line; guides DecQ revs below consensus; guides FY22revs below consensus; seeing a softer than anticipated start to DecQ

  • Pinterest (PINS) beats by $0.05, reports revs in-line

  • Quaker Chemical (KWR) beats by $0.07, beats on revs

  • Quidel (QDEL) beats by $2.29, beats on revs

  • Redfin (RDFN) misses by $0.01, reports revs in-line; guides Q4 revs above consensus

  • Ritchie Bros. (RBA) beats by $0.12, beats on revs

  • RLJ Lodging Trust (RLJ) beats by $0.02, reports revs in-line

  • Rocket Companies (RKT) beats by $0.09, beats on revs

  • Scripps (SSP) beats by $0.30, reports revs in-line

  • Select Medical (SEM) beats by $0.05, beats on revs; raises FY21EPS in-line, revs in-line

  • SelectQuote (SLQT) beats by $0.02, beats on revs

  • Sempra Energy (SRE) beats by $0.01, beats on revs; reaffirms FY21EPS guidance; reaffirms FY22EPS guidance

  • Shake Shack (SHAK) beats by $0.01, misses on revs; guides Q4 revs below consensus; Q4 comps +24.8%

  • Skyworks (SWKS) beats by $0.08, reports revs in-line; guides DecQ EPS above consensus, revs in-line

  • Sprouts Farmers Market (SFM) beats by $0.16, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Square (SQ) reports EPS in-line, misses on revs

  • Standex International (SXI) beats by $0.06, beats on revs

  • Sunrun (RUN) beats by $0.09, beats on revs

  • Switch (SWCH) misses by $0.03, reports revs in-line; guides FY21revs below consensus

  • Synaptics (SYNA) beats by $0.07, reports revs in-line; guides Q2 revs above consensus

  • Tabula Rasa HealthCare (TRHC) misses by $0.08, misses on revs; guides Q4 revs below consensus; guides FY21revs below consensus

  • Telus (TU) beats by CAD 0.01, reports revs in-line

  • Teradata (TDC) beats by $0.10, reports revs in-line; guides Q4 EPS above consensus; guides FY21EPS above consensus

  • TimkenSteel (TMST) misses by $0.28

  • Uber (UBER) misses by $0.98, beats on revs, generates positive adjusted EBITDA for first time in its history, guides for Q4 adjusted EBITDA of $25-$75 mln

  • Ubiquiti (UI) misses by $0.51, misses on revs

  • Universal Display (OLED) misses by $0.11, misses on revs; reaffirms FY21revs guidance

  • US Cellular (USM) misses by $0.04, misses on revs

  • US Ecology (ECOL) reports EPS in-line, beats on revs; lowers FY21EPS in-line, revs in-line

  • Velodyne Lidar (VLDR) misses by $0.04, misses on revs; guides Q4 revs below consensus

  • Ventas (VTR) misses by $0.01, beats on revs; guides Q4 FFO below consensus

  • Viavi (VIAV) beats by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus

  • Welltower (WELL) misses by $0.01, beats on revs; guides Q4 FFO below consensus

  • Wheaton Precious Metals (WPM) misses by $0.03, misses on revs

  • WillScot Mobile Mini (WSC) beats by $0.07, beats on revs; guides FY21revs above consensus

  • World Wrestling (WWE) beats by $0.16, misses on revs

  • WW (WW) misses by $0.08, misses on revs; sees FY21revenue modestly above $1.2 bln vs. $1.29 bln consensus

  • Yelp (YELP) beats by $0.24, beats on revs; raises FY21revenue and EBITDA guidance


  • General News:

  • House is expected to vote today on larger reconciliation bill and bipartisan infrastructure bill, but it's unclear if they have enough votes to pass. Moderate Democrats are still demanding CBO score, according to CNN

  • White House asked Fed Chairman Jerome Powell to meet with Senators, leading some to believe he will be reappointed. However, a White House official said President Biden has not made a decision yet & "any potential meeting requests should not be linked to Biden's Fed choice", according to Axios

  • Fed Chairman Jerome Powell was seen visiting the White House yesterday, according to the Wall Street Journal

  • Florida will sue Biden administration over employee vaccination mandate for businesses with 100 or more workers, according to NBC News

  • Several business groups disagree with President Biden's vaccine mandate for companies with 100 or more employees, according to CNBC

  • Barstool Sports President Dave Portnoy was accused of sexual misconducts, according to Business Insider

  • Alkami Technology (ALKT) appoints Alex Shootman as CEO, effective November 5

  • AMC Entertainment (AMC) is expanding its business outside of the traditional theatrical exhibition industry with plans to capture a piece of the growing multi-billion dollar popcorn market

  • American Equity Investment Life (AEL) nd Monroe Capital (MRCC) announced a $1 bln investment in Monroe Capital's dedicated technology lending platform

  • Apollo Medical (AMEH) announces the appointment of Brandon Sim to the role of Co-Chief Executive Officer, effective November 2, 2021

  • BioCryst Pharma (BCRX) announced new long-term efficacy and safety data from studies evaluating oral, once-daily ORLADEYO

  • BioLife Solutions (BLFS) announces changes to its executive management team, effective immediately

  • Boeing (BA) shareholders reach settlement on 737 Max oversight lawsuit, according to the Wall Street Journal

  • Cracker Barrel (CBRL): Biglari Capital Corp. issues letter to shareholders of Cracker Barrel Old Country Store

  • Deciphera Pharmaceuticals (DCPH) announces top-line results from the INTRIGUE Phase 3 clinical study of QINLOCK in patients with gastrointestinal stromal tumor previously treated with imatinib

  • Emergent BioSolutions (EBS) discloses it and US government mutually agreed to terminate the US government contract

  • Facebook (FB) wants to open retail stores to showcase Metaverse, according to the New York Times

  • Farmland Partners (FPI) provides updates on the development of solar projects on certain of its farms in Illinois

  • FTC Solar (FTCI) awarded first solar project in Africa

  • Groupon (GRPN) and Square (SQ) launch new partnership that allows local merchants to create Groupon campaigns directly from the Square App Marketplace

  • Huntsman (HUN) secures Albemarle's (ALB) agreement to pay full arbitration award of $665 mln

  • HyreCar (HYRE) announces an expanded strategic partnership to significantly increase car supply in key markets on the HyreCar platform

  • Johnson & Johnson (JNJ) was not able to overturn Australian pelvic mesh class action ruling, according to Reuters

  • Mannkind (MNKD) provides Technosphere Insulin dose updates - approximately double the estimated mealtime subcutaneously injection dose reduced postprandial glucose excursions without any severe hypoglycemia in the first two hours

  • Microchip (MCHP) increases quarterly cash dividend to $0.232/share from $0.2185/share

  • Navios Maritime Partners (NMM) announces appointments of Erifili Tsironi as CFO and Stratos Desypris as COO

  • Novavax (NVAX) completes rolling submission to the WHO for emergency use listing of NVX-CoV2373

  • NRx Pharmaceuticals (NRXP): FDA declines to issue EUA for ZYESAMI for patients with Critical COVID-19 respiratory failure

  • NRx Pharmaceuticals (NRXP) initiates senior level finance and business initiatives with Luxembourg Ministry of the Economy, BNP Paribas, and vaccine manufacturing partners for BriLife COVID-19 vaccine

  • Ocugen (OCGN) announces submission of Emergency Use Authorization request to the US FDA for investigational COVID-19 vaccine COVAXIN (BBV152) for children ages 2-18 years

  • Pfizer's (PFE) novel COVID-19 oral antiviral treatment candidate reduced risk of hospitalization or death by 89% in interim analysis of Phase 2/3 EPIC-HR study

  • PureCycle Technologies (PCT) appoints Lawrence Somma as CFO

  • Shift (SFT) announces that Toby Russell will be stepping down as Co-CEO on Feb. 1, 2022

  • Snap-On (SNA) authorizes $500 mln share repurchase program; increases quarterly dividend to $1.42/share from $1.23/share

  • Synchronoss Tech (SNCR) announces it would supply its personal cloud solution to Telkomsel, Indonesia's largest mobile operator

  • TEGNA (TGNA) has filed a response to DISH's "baseless complaint" to the FCC

  • Teradata (TDC) announces a three-year Strategic Collaboration Agreement with Amazon (AMZN) Web Services

  • Univar Solutions (UNVR) and Calumet (CLMT) announce expanded distribution agreement for petrolatums and white oils in Europe

  • Velodyne Lidar (VLDR) appoints Dr. Theodore L. Tewksbury as CEO, effective November 10

  • Zillow Group (ZG): Ark Investment sold Zillow shares for second day after drop in shares, according to Bloomberg


  • M&A:

  • BRP Group (BRP) announces agreement to acquire Wood Gutmann & Bogart Insurance Brokers and certain affiliates; terms not indicated

  • Carlyle Group (CG): Link Administration Holdings received a conditional, nonbinding indicative proposal from Carlyle Asia Partners V to acquire 100% of the shares in Link Group

  • Enpro Industries (NPO) to acquire NxEdge for $850 mln in cash

  • Entravision (EVC) has acquired 365 Digital; financial terms not disclosed

  • Monmouth Real Estate (MNR) to be acquired by ILPT (ILPT) for $21.00 per share in an all-cash transaction valued at ~$4.0 bln

  • Welltower (WELL) has entered into definitive agreements to acquire four distinct seniors housing portfolios for a pro rata gross investment amount of $1.3 bln


  • Syndicate:

  • Aligos Therapeutics (ALGS) files for $400 mln mixed securities shelf offering

  • Arbutus Biopharma (ABUS) files for $250 mln mixed securities shelf offering; also files for 38,847,462 share common stock offering by selling shareholder

  • Codiak BioSciences (CDAK) files for $300 mln mixed securities shelf offering

  • Enova International (ENVA) authorizes $150 mln share repurchase plan

  • Fate Therapeutics (FATE) files for $350 mln common stock offering relating to sales agreement; also files mixed securities shelf offering

  • ITT (ITT) files mixed securities shelf offering

  • Jounce Therapeutics (JNCE) files for $75 mln common stock offering related to sales agreement

  • Merus (MRUS) prices offering of 3,859,650 shares of common stock at $28.50 per share

  • Mosaic (MOS) files for mixed securities shelf offering

  • MultiPlan (MPLN) files for 130 mln share Class A common stock offering by selling shareholders

  • ProQR Therapeutics (PRQR) files for $300 mln mixed securities shelf offering

  • Qualtrics (XM) prices offering of 23,809,524 shares of common stock at $42.00 per share

  • Regeneron Pharma (REGN) files mixed securities shelf offering

  • Terreno Realty (TRNO) prices offering of 3.5 mln shares of common stock at $74.50 per share


  • IPOs:

  • Expected to Price:

  • Cian (NYSE: CIAN): The online real estate classifieds platform in Russia is expected to price its 18.2 M share IPO between $13.50-$16.00.


  • Priced to Trade:

  • IO Biotech (Nasdaq: IOBT): The clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on its T-win technology platform priced its 7.15 M share IPO at $14, the low end of the $14-$17 expected range.

  • The Real Good Food Company (Nasdaq: RGF): The food producer whose products are prepared with proprietary ingredient systems that allow it to provide meals that are high in protein, low in sugar, and made with gluten- and grain-free ingredients, priced its 5.3 M share IPO at $12, below the $14-$16 expected price range.



Gapping Up/Down

  • Gapping up:

  • GDYN +20.4%, BIGC +19%, DDOG +17.4%, GPRO+16.9%, BILL +15.3%, CFLT +14.5%, FROG +14.3%, MNR +12.1%, LGF.A +11.8%, EXPE +11.4%, AMEH+11%, FNKO +8.7%, SHAK +8.5%, ENDP +8.3%, BHF+7.4%, SYNA +6.8%, IHRT +6.7%, NET +6.4%, CLMT+6.2%, CC +6%, YELP +5.9%, ABNB +5.8%, NVAX+5.6%, EOG +5.5%, CHUY +5.4%, QDEL +5%, PINS+5%, AL +4.8%, MP +4.7%, ATUS +4.7%, NWSA+4.4%, ATSG +4.4%, VIR +4.1%, MELI +4.1%, AMN+4%, PRDO +4%, CABO +3.9%, LYV +3.9%, LLNW+3.7%, FTNT +3.5%, CVET +3.4%, MCHP +3.3%, PCTY +3.3%, ANGI +3.1%, NTRA +3%, INGN +2.9%, EVC +2.3%, CUBE +2.2%, OHI +1.9%, GMAB +1.9%, FIS +1.7%, RBA +1.7%, PBA +1.6%, NKTR +1.6%, ILMN +1.6%, REAL +1.5%, NGCA +1.5%, GDOT+1.5%, CYRX +1.5%, MNST +1.5%, FRT +1.4%, CWK+1.2%, ALRM +1.1%, DK +1.1%, PNW +1%, SNA +1%, TMST +1%, GH +1%


  • Gapping down:

  • EVAX -40.9%, PTON -33.7%, PBYI -26%, NRXP-24.9%, EBS -14.5%, TRHC -12.7%, AXNX -12.3%, CGNX -11.3%, SLQT -9.8%, IRTC -9.2%, DVAX -9%, SWCH -7.9%, TDC -6.6%, LTHM -6.5%, APPN -6.1%, REZI -6.1%, MRUS -5.9%, OLED -5.7%, MITK -5.6%, MNDT -5.5%, BE -5.5%, FND -5.4%, ZGNX -5%, BGS-4.5%, SQ -4.4%, FSLR -4.4%, MDRX -4.4%, MOS-4.3%, RGA -4%, TRNO -3.9%, VLDR -3.6%, CNDT-3.4%, CLNE -3.4%, AVLR -3.4%, RKT -3.3%, DNLI-3.2%, BL -3.1%, MGA -3%, Y -2.9%, ABUS -2.8%, WELL -2.4%, HMC -2.4%, CVNA -2.3%, GBT -2.2%, FTCI -2.1%, CDAK -2.1%, SNCR -2%, CMBM -2%, FATE -1.9%, GKOS -1.7%, AGO -1.7%, NMM -1.3%, NPTN -1.3%, GSAT -1.2%, MTZ -1.2%, AGS -1.1%, MORF -1.1%, REGN -1%, RUN -1%, AMC -0.9%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Apollo Global Management (APO) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $91

  • BigCommerce (BIGC) upgraded to Buy from Hold at Canaccord Genuity; tgt $70

  • Clearway Energy (CWEN) upgraded to Outperform from Perform at Oppenheimer; tgt $44

  • Continental Resources (CLR) upgraded to Buy from Neutral at MKM Partners; tgt raised to $56

  • Flutter Entertainment (PDYPY) upgraded to Buy from Hold at Berenberg

  • GlaxoSmithKline (GSK) upgraded to Equal Weight from Underweight at Barclays

  • IGM Biosciences (IGMS) upgraded to Outperform from Neutral at Wedbush

  • Lightspeed (LSPD) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt lowered to $103

  • Lumentum (LITE) upgraded to Buy from Neutral at Rosenblatt; tgt raised to $105

  • NuStar Energy (NS) upgraded to Buy from Neutral at UBS

  • Shake Shack (SHAK) upgraded to Buy from Neutral at BTIG Research; tgt $100

  • Vonage (VG) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $26


  • Downgrades:

  • Ipsen S.A. (IPSEY) downgraded to Underweight from Equal-Weight at Morgan Stanley

  • Level One Bancorp (LEVL) downgraded to Outperform from Strong Buy at Raymond James

  • Nikola Corporation (NKLA) downgraded to Neutral from Buy at BTIG Research

  • Nomad Foods (NOMD) downgraded to Neutral from Buy at Goldman; tgt lowered to $29

  • Papa John's (PZZA) downgraded to Hold from Buy at Deutsche Bank; tgt raised to $136

  • Papa John's (PZZA) downgraded to Neutral from Buy at Northcoast; tgt $136

  • Vimeo (VMEO) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $30


  • Others:

  • Consensus Cloud Solutions (CCSI) initiated with an Outperform at Oppenheimer; tgt $75


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Nonfarm Payrolls for Oct (Briefing.comConsensus 400K; Prior 194K)

  • 08:30 ET: Nonfarm Private Payrolls for Oct (Briefing.comConsensus 390K; Prior 317K)

  • 08:30 ET: Unemployment Rate for Oct (Briefing.comConsensus 4.7%; Prior 4.8%)

  • 08:30 ET: Avg. Hourly Earnings for Oct (Briefing.comConsensus 0.4%; Prior 0.6%)

  • 08:30 ET: Average Workweek for Oct (Briefing.comConsensus 34.8; Prior 34.8)

  • 15:00 ET: Consumer Credit for Sep (Briefing.comConsensus $17.0B; Prior $14.4B)


  • Earnings:

  • Monday (Nov. 1)

  • Morning: AMG AKTS CNA BEN JELD OIS ON PCG TKR

  • Afternoon: ADUS ADTN ANET CAR BCC BRX BRKR BWXT CHGG CRUS CLX CACC FANG PLOW EVER FN HLIT HOLX NSP KMT KFRC LEG MCK MOS NBIX NTR NXPI OGS OTTR PSA RMBS O RRX RHP SBAC SPG SNCY SKT RIG UNVR VRNS VNOM VNO WMB ZI


  • Tuesday (Nov. 2)

  • Morning: AME APO ARCB ARNC AVNS TECH BLMN BP CTLT CIGI COP CRSR CMI DD DEA ETN EPD ETRN ESPR EL EXLS EXTR RACE IT GNRC GPN HEES HLNE HSC HSIC IAA IEP IDXX INCY INGR IART IPGP KKR LCII LEA LDOS LGIH LPX MMP MPC MLM MTRN MIME MPLX MYGN NNN NRZ NXST OMCL PFE PINC PEG RCM RL ROK SABR SAGE SEE SRCL TNC TMX TRI BLD UAA WAT WEC WLK XHR XYL ZBRA

  • Afternoon: EGHT ATVI AKAM AYX AMCR DOX AMED AFG AWK AMGN AIZ BTG BKH BFAM CZR CDLX CDK COUR DCP DCPH DENN DVN DHT APPS DEI EIX ES EXAS EXEL FNF FMC FRG FRSH HALO PEAK HURN ICFI ICHR IOSP INSP JRVR KAI KAR LSCC LSI LPSN RAMP LYFT MGNX MANT MTCH MRCY MDLZ NSA NMIH OKE OSPN PACB PAYC PKI PAA PUMP PRO PRU RDN RRR RGNX TSLX SKY SEDG SRC SPT STE SMCI TMUS TX RARE UIS UNM VECO VRSK VRTX VOYA WTI HCC WU XPO ZG


  • Wednesday (Nov. 3)

  • Morning: AGIO AMRN AMRX ASTE ATH AAWW AVA BDC BWA EAT BR BIP CWH CPRI CDW FUN CVE CRL CIM CLH CTRA CRTO CVS DISCA EMR ETR EVRG EVOP EXC EXPI FDP GCP HFC HZNP HUM ICPT IONS JLL LAMR LANC LIVN LL MAC MAR NFE NYT NI NCLH DNOW ODP OMI PCRX PSN PBI PLTK PRG RDWR RRD SPNS SMG SBGI SITE SPR SHOO SUN SYNH TT TUP UTHR VIRT VSH WING

  • Afternoon: TXG ONEM ADPT ATGE ALB ALL AEE ANSS APA ACA ATRC ACLS BNFT BLKB BKNG WHD CDAY CF CHNG CAKE CLR CORT CTVA CCRN CW DIOD DXC ELF EA ECPG ET NVST EPR EQIX EQH ETSY FSLY FSR FLT FOXA FNV GFL GDDY HR HMN HST TWNK HUBS HBM H IAG ICLR ICUI INFN IR INSG ITT KW KL KTOS LCI LHCG LNC LUMN MGNI MTW MFC MRO MATX MAXR MDU MLNK MET MTG MGM NUS OPRT OSUR ORA OCDX ORCC PLMR PK PDCE PEN PETQ PING PXD PLYA PTC QTWO QGEN QRVO QCOM QLYS QNST RPD RYN RCII RVLV ROKU RGLD RPT SRPT SITM SKLZ SJI SWN SFM SPXC STAA RGR SUM SLF SPWR SUPN TTWO TNDM TTGT TRMB TRUE TRUP UPLD VVV VAPO VMEO WTS WK YELL ZD


  • Thursday (Nov. 4)

  • Morning: ACIW GOLF AHCO WMS AES APD ALE ABC APTV ARW BLL BALY GOLD BCE BDX BLI BCOR BBIO BLDR CARS CNP LNG CQP CHH CI CTXS CWEN CNHI CCOI CFX COMM CYBR DLX XRAY DOCN DIN DUK DNB EPAM FIS FOCS GEL GEO GIL GOGO GTN GPRE HBI HL HSKA HIMX HWM HII NSIT IBP NTLA IDCC IRM IRWD ITRI K KOP LNTH LXP LITE MTSI MBUU MRNA MUR NEO NTCT NKLA NOMD NVMI NRG NS OGE OPCH PH PENN PLNT PPL PBH PWR QRTEA REGN REYN SO STOR SSYS STRA TGP TNK TGNA SHYF USPH UNIT VIAC VSTO VG VNT VMC WD W WCC ZBH ZTS

  • Afternoon: AAON ACMR AL ATSG ABNB ALRM ALKT Y LNT MDRX ALTR ATUS AMH AIG COLD AMN ANGI AINV APPN ARNA AVLR AXNX BGS BIGC BILL BL BE BHF CABO CMBM CVNA CC CHUY CLNE NET CDXS CGNX COLL ED CNDT CVET CYRX CUBE CWK DDOG DK DRH DBX LOCO EBS ENDP EOG EXPE FATE FRT FSLR FND FTNT FOXF FNKO GKOS GBT GMED GPRO GDOT GDYN GH HTA ILMN INGN PODD IAC IOVA IRTC FROG LLNW LGF.A LYV LTHM MNDT MTZ MED MELI MTD MCHP MTX MITK MNST MSI MP NTRA NFG NKTR NPTN NWSA LASR NLOK NVAX OXY OHI ONTO OTEX OEC OUT PCTY PTON PBA PFSI PRDO PINS PCOR PGNY PBYI KWR QDEL RDFN REG RGA REZI RBA RLJ RKT ROG SEM SLQT SHAK SWKS SQ RUN SHO SWCH SYNA TRHC TDC UBER OLED USM VLDR VIAV VRAY VIR WELL WPM WSC WWE WW YMAB YELP ZGNX


  • Friday (Nov. 5)

  • Morning: AMCX AXL BEP CGC CNK DSEY D ELAN ERJ ENB ESNT FLR GT GRPN HMC TILE JCI KIM MGA MMI MFA MODV MOG.A NWN DOC PNW SSP SRE TRP TEN ECOL VTR

  • Afternoon: TSE



Asia & Europe detail:

Asia: Nikkei -0.6%, Hang Seng -1.4%, Shanghai Composite -1.0%

Equity indices in the Asia-Pacific region ended the week on a mostly lower note while India's Sensex remained closed for Diwali. Japan will reportedly give JPY100,000 payments to people under 18. The country's economy minister refused to comment when asked about details regarding the planned fiscal spending package. China's National Development and Reform Commission said that coal inventories at power plants have returned to normal levels. Property developer Kaisa Group missed a debt payment to onshore investors while Evergrande is facing a Saturday deadline to make up $82.5 mln in missed payments.

  • In economic data:

  • Japan's September Household Spending 5.0% m/m (expected 2.8%; last -3.9%); -1.9% yr/yr (expected -3.9%; last -3.0%)

  • South Korea's September Current Account surplus $10.07 bln (last surplus of $7.51 bln)

  • Singapore's September Retail Sales 6.0% m/m (last -0.6%); 6.6% yr/yr (last -2.8%)

  • Australia's October AIG Services Index 47.6 (last 45.7)


---Equity Markets---

  • Japan's Nikkei: -0.6% (+2.5% for the week)

  • Hong Kong's Hang Seng: -1.4% (-2.0% for the week)

  • China's Shanghai Composite: -1.0% (-1.6% for the week)

  • India's Sensex: CLOSED (+1.3% for the week)

  • South Korea's Kospi: -0.5% (-0.1% for the week)

  • Australia's ASX All Ordinaries: +0.4% (+1.8% for the week)

---FX---

  • USD/JPY: +0.1% to 113.85

  • USD/CNH: +0.1% to 6.4036

  • USD/INR: -0.3% to 74.28

Europe: DAX +0.2%, FTSE +0.6%, CAC +0.7%

Major European indices trade in the green. European Central Bank policymaker Schnabel repeated that the governing council does not expect rate hike conditions to be met in 2022. Bank of England Governor Bailey said that while the U.K.'s interest rate will have to rise at some point, it will not return to the 4-5% range. International Consolidated Airlines saw its loss narrow in Q3 while passenger capacity was at 43.4% of levels from Q3 2019.

  • In economic data:

  • Eurozone's September Retail Sales -0.3% m/m (expected 0.3%; last 1.0%); 2.5% yr/yr (expected 1.5%; last 1.5%)

  • Germany's October IHS Markit Construction PMI 47.7 (last 47.1). September Industrial Production -1.1% m/m (expected 1.0%; last -3.5%)

  • U.K.'s October Halifax House Price Index 0.9% m/m (last 1.7%); 7.3% yr/yr (last 7.4%)

  • France's Q3 nonfarm payrolls 0.5% qtr/qtr (last 1.1%). September Industrial Production -1.3% m/m (expected 0.4%; last 1.0%)

  • Spain's September Industrial Production 1.2% yr/yr (expected 1.5%; last 1.6%)


---Equity Markets---

  • STOXX Europe 600: +0.3% (+1.9% week-to-date)

  • Germany's DAX: +0.2% (+2.3% week-to-date)

  • U.K.'s FTSE 100: +0.6% (+1.2% week-to-date)

  • France's CAC 40: +0.7% (+3.0% week-to-date)

  • Italy's FTSE MIB: +0.7% (+3.1% week-to-date)

  • Spain's IBEX 35: +0.6% (+0.4% week-to-date)

---FX---

  • EUR/USD: -0.2% to 1.1532

  • GBP/USD: -0.4% to 1.3436

  • USD/CHF: +0.5% to 0.9168


1 view0 comments

Recent Posts

See All

The S&P 500 futures are up 3 points and are trading % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in-line with fair value. The Dow Jones Industrial Average futures